Regulation in relation to Money Laundering

Unmesh Desai: Commissioner Cressida Dick has said that she believes lax regulation has allowed some to become a front for money laundering which is fuelling violent crime in London (https://www.standard.co.uk/news/crime/met-busts-violent-gang-that-shipped-300m-overseas-using-cash-transfer-shops-in-london-a4148591.html). Is this something which you will further explore with both the Commissioner and Government to look at the ways which regulation could be improved?

The Mayor: I completely agree with the Commissioner that the Government must clamp down on these organised criminal enterprises that transfer drug money out of the UK. I have written to the Chancellor of the Exchequer to call for urgent action to improve the woeful regulation and enforcement of these Money Service Businesses. The wider banking financial sector has taken its responsibilities seriously on money laundering, but the MSB sector has been allowed to be too lax by HM Revenue and Customs.
The Chancellor needs to take this much more seriously and provide HMRC with the incentive and resources to stop cash going through MSBs that is directly linked to drugs and violence on London’s streets.